Formfunction, the Solana-based NFT marketplace platform, will shut down its website on March 29, about a year after the project raised $4.7 million in a seed funding round.
creators on the platformget adviceRemove their NFT before March 29. Formfunction launched in February 2022 to support NFT creators on Solana.
Formfunction says it has sponsored over 4,000 creators on its platform, and 60% of them have been sold at least once, with more than 600 earning at least $1,000, and the site adds that it has 70 creators. Those who sold more than $10,000 per person during the process.
But despite the success and $4.7 million in funding, Formfunction was shut down. According to an announcement on March 15 without giving a reason for terminating the project. But noted that the decision was “very difficult”, with Formfunction CEO Katherine Liu thanking team members for their efforts in making it “very difficult”.declarationissued on Wednesday
This is a very tough day for all of us at @formfunction as our journey comes to an end.
I’ll write a longer personal reflection later, but for now I just want to say: Most of all, I’ll miss the friendships we built with creators & collectors here. You all are truly special https://t.co/pAEoSXVjfg
— kat
(@petrichorate) March 15, 2023
Formfunction’s announcement comes amid a sharp drop in Solana NFT trading volume.foundDaily NFT volumes on Solana are down more than 70% year-on-year.
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